Trump Tax Cut: Over 100M Saw Decrease in Tax Burden
It should come as no surprise most Americans saw a lower federal tax burden following the Tax Cuts and Jobs Act (TCJA). Tax Foundation data reveals 80 percent of filers saw a substantially lower federal tax liability following federal tax reform – and only 5 percent of filers saw a significantly higher tax liability. The TCJA tax relief benefited the vast majority of filers by doubling the standard deduction, doubling the child tax credit, and decreasing personal income tax rates for nearly every tax bracket.
Unfortunately, as the New York Times indicated, there was a concerted effort by the media and progressive pundits to portray the TCJA as a targeted tax break for the rich while middle and lower income families would see nothing. In reality, the effects of federal tax reform on individual tax burdens ran completely opposite to narratives peddled by biased media sources. Nearly 70 percent of filers with incomes between $30,000 and $50,000 saw a tax cut, while over 80 percent of filers with incomes between $50,000 and $100,000 owed less tax than previous years. These income ranges encompass a broad definition of “middle-class,’ meaning federal tax reform was actually a massive middle-class tax cut.
Read the entire article from Jonathan Williams and Skip Estes at CNSNews here.